Canada Home Appliances - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Canada Home Appliances - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The Canada Home Appliances Market size is estimated at USD 5.04 billion in 2024, and is expected to reach USD 6.40 billion by 2029, growing at a CAGR of 4.90% during the forecast period (2024-2029).

Key Highlights

• The outbreak of the COVID-19 pandemic caused disruptions in the supply chain, manufacturing, and distribution channels, leading to shortages of certain home appliances. Factories and production facilities shut down temporarily, affecting the availability of products. As remote work and online learning became the norm, there was a surge in demand for home office equipment such as laptops, monitors, and printers. This trend impacted the sales of traditional office appliances and furniture. The pandemic accelerated the adoption of online shopping in Canada.
• Consumers turned to e-commerce platforms to purchase home appliances, relying on online reviews and product comparisons. Retailers had to adapt by expanding their online presence and enhancing their delivery services. The Canadian government introduced various economic stimulus packages and financial aid programs to support businesses and individuals affected by the pandemic. These measures helped mitigate some of the negative impacts on the home appliances market by boosting consumer spending power.
• The Canadian home appliances market is recording growth numbers and is largely driven by innovation in the appliances. As customer groups are getting younger, more preference is being given to products that are energy-efficient and consume less electricity and water. Products with multi-utility, smart features that look simple yet more fashionable than the usual ones are gaining more significance and wide appreciation by consumers.
• Customers also prefer aesthetically pleasing colors that go well with their interiors and are Environment-friendly owing to an increasing focus on initiatives to control carbon footprint by both the government and buyers. The replacement sales, which are usually high in the region, are driven by products with enhanced quality standards, less power consumption, limited harmful emissions, and technology advancements. A rise in demand for smart appliances, which are connectable, wireless goods, and come with ease of access, is observed across the country.
• Appliances with invertor in-built or rechargeable features are recording an increase in the total number of units sold. The e-commerce penetration is also scoring a good number of sales over the past years, owing to the convenience and delivery facilities that online shopping holds and the ease of selection by allowing consumers to compare two or more brands, their features, prices, etc.

Canada Home Appliance Market Trends

Small Home Appliances are Dominating the Sales Volume of the Market

• Small home appliances, like vacuum cleaners, coffee makers, toasters, hairdryers, curlers, kettles, steam units, and fryers, are less affected by the imbalanced financial situation when compared to large appliances, like refrigerators, washing machines, dryers, freezers, dishwashers, and microwave ovens.
• The market for these small home appliances is expected to increase, owing to factors like affordable prices, their lower presence rate in the market, the improving innovation and automation they hold, and the perfection they bring to the job.
• These products ease people's lives by taking a huge load off the working population (around 66.12%), which comforts consumers by minimizing the time they spend on their respective tasks. Multi-utility appliances are catching the attention of consumers more than regular appliances, which have limited utility.

Multi-Utility and Technically Advanced Appliances Grabbing a Higher Portion of the Market Share

• The rise in disposable income and increasing urbanization are paving the way for multifunctional, technologically advanced, smart, and connected appliances, as consumers prefer to transform their homes into a place where they can monitor their appliances, even when they are away from them.
• Appliances that can be operated through different types of connectivity have been gaining popularity over the past few years, and this trend is expected to continue in the forecasted period as well.

Canada Home Appliance Industry Overview

The report covers major international players operating in the Canadian home appliances market. The country has moderate scope for newcomers to enter. However, the new players can target the market by providing higher-quality small appliances. By offering complete innovation in the products offered, the existing players can bring about a great change in their market share. Some of the major players in this market are Whirlpool Corporation, Electrolux AB, Samsung Electronics, Panasonic Corporation, and LG Electronics.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support